Thursday 14 / November / 2024
Muscat: The Ministry of Finance (MoF) endorsing its Articles of Association and financial bylaw, has issued a decision to establish an Integrated Gas Company, on Thursday, December 29, 2022.
The Ministry of Finance issued a decision to establish an Integrated Gas Company and approving its articles of association and financial bylaw in accordance with the provisions of the Commercial Companies Law No. 18/2019 and its amendments, the Privatisation Law issued by Royal Decree No. 51/2019, and Royal Decree No. 80/1998 issued regarding the Capital Market Law and its amendments.
The Ministry clarified that the Integrated Gas Company is a government company concerned with managing all allocations, assets, rights and obligations for the purchase, sale, import, export and transportation of natural gas and related products on behalf of the government of the Sultanate of Oman.
The ministry indicated that through the establishment of this company, it aims to improve the financial performance indicators of the Sultanate of Oman by excluding expenses for purchasing and transporting gas from the state’s general budget, supplying net gas sales revenues to the state’s general treasury, raising the efficiency of managing the gas sector and ensuring the efficient application of the terms of contracts signed in this sector, whether with producers or consumers
By establishing the company, the Ministry also aims to implement government policies and plans regarding gas selling prices and quantities allocated to sectors, selling gas to gas-based projects, increasing the volume of economic activity and the local added value of the gas sector and related activities.
